Mayu Global buys out Sunrise Manner stake after AMLA issue

KUALA LUMPUR (April 9): Mayu Global Group Bhd (KL:MAYU) has acquired the remaining 20% stake in property arm Sunrise Manner Sdn Bhd (SMSB), making it a wholly-owned subsidiary.

In a bourse filing on Wednesday, the steel products manufacturer said it purchased 500,000 ordinary shares in SMSB for consideration of RM1 apiece or RM500,000, from SMSB’s director Tang Thiam Hock.

“The acquisition will not have any effect on Mayu Global's share capital and the substantial shareholders' shareholding.

“It is not expected to have any material impact on the earnings per share, net assets per share as well as the gearing of Mayu Global for the financial year ending June 30, 2026 (FY2026),” Mayu Global said.

Earlier this year, SMSB was served with a RM24 million compound issued by the Royal Malaysian Police under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).

The compound was related to Tang, who was then a 20% shareholder of SMSB, under his personal capacity, and did not constitute a criminal charge against Mayu Global.

The RM24 million settlement was to be paid in two tranches, with RM10 million already settled on Jan 26 and the remaining RM14 million due by March 31.

On Feb 13, Mayu Global said that it would settle the compound to secure the release of SMSB’s seized assets.

“The compound amount of RM24 million will be recognised in the financial statements for the relevant financial period in accordance with applicable accounting standards,” the group said.

For the first half of the financial year ended Dec 31, 2025 (1HFY2026), Mayu Global slipped into the red after recording net losses of RM1.49 million compared to RM2.01 million a year earlier. Revenue for the period under review declined 36% to RM25.74 million from RM40.42 million previously due to lower progress billings from the property development segment, as well as lower sales volume in the manufacturing and trading segment. 

Shares in Mayu Global closed 9.5% higher at 11.5 sen apiece on Wednesday, giving it a market capitalisation of RM56 million.

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